Binder Groesswang has advised Raiffeisenlandesbank Upper Austria on the merger with its wholly-owned subsidiary Salzburger Landes-Hypothekenbank.
With the regulatory approval granted in July 2021 and the merger’s operational implementation in September 2021, the project has now been finalized. Following the merger, 308 Hypo Salzburg employees were transferred to Raiffeisenlandesbank.
The project started three years ago, with the aim to examine synergies between Raiffeisenlandesbank Upper Austria and Hypo Salzburg and to develop joint future perspectives, according to Binder Groesswang. The first step of the merger was taken in March 2020, with Raiffeisenlandesbank’s acquisition of 100% of shares in Hypo Salzburg.
Raiffeisenlandesbank Upper Austria is an Austrian regional bank. According to Binder Groesswang, the bank's balance sheet total was EUR 48.6 billion at the end of 2020, with EUR 181.8 million in pre-tax profit for the year.
The Binder Groesswang team was led by Partner Gottfried Gassner and Counsel Stefan Frank.